Just-In: MATIC To POL Token Migration Set For September By Polygon

Highlights
- Polygon Labs sets September 4 this year for the MATIC to POL mainnet upgrade.
- The migration will happen automatically for MATIC holders on Polygon PoS and MATIC stakers and delegators on Ethereum.
- MATIC price fell 3% in the last 24 hours.
Polygon Foundation has set the date for the much-anticipated MATIC to POL token migration. POL token will replace MATIC as the native gas and staking token for the Polygon proof of stake (PoS) network. Subsequent stages may see the expansion of POL functionality, especially within the AggLayer, depending on community consensus.
Polygon Plans To Migrate MATIC To POL Token On September 4
In an official announcement on July 18, Polygon Labs has set September 4 this year for the MATIC to POL mainnet upgrade on Polygon. POL token migration is a community-driven upgrade first proposed last year. Polygon co-founder Sandeep Nailwal also reacted to the oncoming developments on the chain.
As per consensus, the upgrade from MATIC to POL as the gas and staking token for Polygon PoS is to happen initially. The launch of the Staking Layer and migration of Polygon public chains to leverage it, with expanding POL token utility to serve a crucial role in the AggLayer to happen subsequently.
Polygon said MATIC on Polygon PoS and MATIC stakers and delegators on Ethereum don’t have to take any action for migration. However, MATIC holders on Ethereum chain, Polygon zkEVM, and in CEXes have to migrate. The team also made testnet migration live on July 17.
Also Read: XRP News Today — Why SEC Meeting Likely On Settlement & Injunction Cancelled?
Can MATIC Price Rally?
MATIC price has been under the radar after the SEC cited the token among others as securities in Binance and Coinbase lawsuits. Since then, Polygon token hasn’t witnessed much upside momentum. It is down 29% in a year and 4% in a month.
In the last 24 hours, MATIC price fell 3% after 8% jump this week amid renewed bullish sentiment. The 24-hour low and high are $0.5399 and $0.5607, respectively. Furthermore, the trading volume has increased by 9% in the last 24 hours, indicating a rise in interest among traders.
However, the MATIC community and Polygon team expect growth in the network and token price after the upgrade and further developments. As per CoinGape Markets analysis, MATIC can rally to $0.76 following a breakout of multi-month resistance of the falling wedge pattern.
Also Read: WazirX Hack — Indian Crypto Exchange Suffers $235M Exploit, Pauses Withdrawals
- Walmart’s OnePay App to add Bitcoin and Ethereum trading
- Tech Giant Samsung Taps Coinbase To Provide Crypto Access, Driving Adoption
- Bitget Joins UNICEF Game Jam To Train 300,000 Youths In Blockchain
- Crypto Market Rally: BTC, BNB, SOL, XRP, ETH Surge Amid Q4 Momentum
- Bitcoin ETFs Record $2.2B Weekly Inflows as BTC Price Surges Past $120K
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes